Suraj Industries Ltd. to Acquire Additional Shares in Shri Gang Industries and Allied Products Limited

Suraj Industries Ltd. has announced its decision to acquire 1,05,000 equity shares from Mr. Vikas Gupta and 35,000 equity shares from Mr. Ritesh Gupta, both members of the Promoter Group, in Shri Gang Industries and Allied Products Limited. This acquisition is aimed at further consolidating the company's shareholding in Shri Gang. The transactions are estimated to be completed within 30 days from the date of the announcement and will be undertaken on an arm's length basis. The acquisition price will be determined as the average of the opening and closing market price of the equity shares of Shri Gang, as quoted on BSE Limited, on the working day immediately preceding the date of execution of the transaction. Shri Gang is a bottling plant for Indian Made Foreign Liquor (IMFL) and Country Liquor, which commenced commercial production in July 2020. It also has a grain-based distillery unit that was commissioned in September 2022. The company has entered into an exclusive manufacturing arrangement with United Spirits Limited and has a long-term supply agreement with them for the supply of Extra Neutral Alcohol (ENA).